Development projects on track, minister affirms

Manama, June 6 (BNA): Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said the ministry's development projects were progressing according to the relevant applicable standards and specifications. The minister expressed his hope that the revenues from these projects will be not less than 10% and will positively contribute in the budget. He said the refinery expansion project, Banagas company, oil and liquefied gas and pipeline control projects are among these projects. He stressed that the ministry was proceeding with the implementation of these projects which will constitute a positive quantum addition to the budget. The minister's remarks came during his intervention during the Council of Representatives regular session today in response to the question posed by MP Mohammed Al Ahmed regarding the National Oil and Gas Authority (NOGA)-affiliated companies and plants. He said the Finance Ministry endorses the figures in the amended cash system whereas companies adopt the merit system. A considerable portion of Banagas company profits is ascribed to Bahrain Petroleum Company (Bapco). In the Government accounts these profits are listed as part of the Bahrain Oilfield and Refinery profits where the biggest percentage goes in this item. The remaining profits ascribed to the companies less than Bapboc such as Banagas and GPIC are listed as part of the profits distributed to the Oil and Gas Holding Company. He added the Finance Ministry chose to address these revenue account in this manner. However, when we consider the Bahrain Oilfield profit account the figures are already included there. The discrepancies occur because of the accountancy software as the Ministry of Finance adopts the cash system meanwhile the companies adopt the deduction system.